Singapore fintech offers one-stop electronic platform for corporate loan market
18 June 2020
WHILE equities, foreign exchange and bonds are primarily traded electronically today, the trading of corporate loans have remained largely a manual and relationships-based exercise. Seeking to enhance the efficiency and liquidity of this market – which has traditionally thrived on roadshows, voice calls and Rolodexes – Singapore-based fintech iLex is creating a digital platform that allows end-to-end automation for loan syndication and trade execution.
iLex founder and chief executive officer Bertrand Billon announced on Thursday that his startup has attained seed funding with strategic and fintech investors from France, Hong Kong, Singapore and the US. The amount is in a “couple of million” of US dollars.
Currently, six global corporate and investment banks have indicated their interest to come on board the platform, which will launch in October. Mr Billon declined to reveal the identities of the investors and prospective partners.